Jump to content

Guaranteed Stop New Trader


Recommended Posts

Good evening,


I am completely new to trading, I have spent the first couple of weeks doing all the courses at the online academy.

I want to start trading live, the problem is on my account, I can only set a guaranteed stop loss, which is up to 500 pips away,

surely this is not safer that being able to set the stop loss 30 pips away?

Any advice on this will be much appreciated.




Link to comment

This probably isn't related  to only being able to use guaranteed stops, but the IG stop system is pretty worthless. In their wisdom, they only allow you to set stops a certain distance away from the current price, rather than where you want them.

In order to get round this, you have to use an order in the opposite direction as a stop. For example, say you are long at 10 pips a point and want to have a stop 8 pips away, but IG bizarrely has decided the stop has to be at least 25 pips away. What you do is put on a sell order (or vice-versa) 8 pips away for 10 pips a point instead. That way, if it gets filled then it closes your long position.

Naturally, IG doesn't like this 'workaround', so (unfilled) orders are used in the calculation of your margin to stop you using them. Not so bad if you only trade one or two assets with minimal positions, but it means you can't put multiple orders on the system unless you have a crazy big account size.

Sorry if this doesn't exactly answer your question, but the only way to put stops where you actually want them is to use orders in the opposite direction, and only for one or two positions on small accounts.

  • Like 1
Link to comment

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • General Statistics

    • Total Topics
    • Total Posts
    • Total Members
    • Most Online
      10/06/21 10:53

    Newest Member
    Joined 20/10/21 08:37
  • Posts

    • Gold price recovers as oil price gains slow Gold continues to edge higher while the ongoing rally in oil prices appears to have paused for now. Source: Bloomberg  Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 20 October 2021 Gold After the losses of late last week the price has stabilised at $1760 and has pushed slightly higher, although there is still some ground to be recovered before a more bullish view emerges. A reversal below $1760 would hand the advantage back to the sellers. Source: ProRealTime WTI Momentum has eased off here, although the trendline from late September remains unchallenged as yet. The price has yet to roll over, and indeed the lows of the previous two sessions remain intact. A firm drop below $81 would start to suggest a deeper retracement is at hand. Source: ProRealTime
    • FTSE 100 and S&P 500 look for further gains while DAX struggles at resistance Overall indices are continuing to move higher, but the DAX has struggled to make headway as it nears trendline resistance. Source: Bloomberg  Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 20 October 2021 FTSE 100 The FTSE 100's overall move higher from the September low is intact, although upward momentum has stalled around 7200. A firm breakout to new highs continues to elude the index, but without a firm break lower below rising trendline support the outlook continues to favour higher prices. Source: ProRealTime DAX After the leap higher last week the index has definitively stalled, failing to break trendline resistance and remaining below the 50-day and 100-day simple moving averages (SMAs). While the price has yet to break Monday’s low, and with stochastics still rising, the bearish view is still in abeyance, but a drop below 15,400 would signal a new move to the downside. Meanwhile, buyers will hope that the price can resume the move higher and on above 15,600 to break trendline resistance. Source: ProRealTime S&P 500 After clearing the late September highs the price has pushed on towards the 4550 record high. We look for gains above this level in due course. It would take a reversal back below 4450 to suggest the sellers were back in charge. Source: ProRealTime
    • Early Morning Call: Asia markets climb; NFLX beats estimates and base metals, lumber down APAC stocks rise - following US lead - while Europe to open mixed. Netflix beats estimates and goes on to a record high but ends down 1.3%. Today's earnings include Tesla, IBM and Metro Bank. And base metals and lumber down. https://www.ig.com/uk/market-insight-articles/early-morning-call--asia-markets-climb--nflx-beats-estimates-and-211020   This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
  • Create New...